Hardships in Detroit

But how can Bitcoin benefit Detroit? The city’s history has ups and downs. In 1950 Detroit was the 4th largest city in the United States and was known as the home of the U.S. auto industry, but unfortunately the city grew too dependent on the single industry and when Japanese import cars competed and took up a portion of the U.S. market share, U.S. jobs were lost. The Detroit population plummeted, and over the years it has decreased from 1.8 million in 1950 to 701,475 in 2013. According to the World Population Review “Detroit’s population decline is finally slowing”, however, the population is expected to continue falling until 2030. According to the 2010 Census, the Detroit population is 82.7% African American, 10.6% White, and 6.8% Hispanic, and the median household income in 2010 was $25, 787 with 1 in 3 residents in poverty. We can dwell on these, but if we focus on the positives we begin to see the potential benefits of Bitcoin in Detroit.

Opportunity in Detroit

Detroit offers beautiful mid-western property for low prices, huge opportunities in farming and urban farming, efficient renewable energy systems, green initiatives, and a growing bicycling culture. Big business left Detroit, and local small business flourishes.

“…independent restaurants, and stores; Bitcoin can really help small merchants here because it saves them money,” remarked Daniel, “and many people here do not have access to adequate banking services.”

Daniel hopes to see Detroit become Bitcoin Valley, and foresees that Bitcoin will drive a positive impact in Detroit that will transcend beyond city borders and spread through out the world as Bitcoin centers begin to collaborate and share ideas.

Thank you for the powerful and exciting thoughts Daniel, I’m keeping an eye on Detroit.